Palouse Capital Management Inc. Sells 71,964 Shares of KeyCorp $KEY

Palouse Capital Management Inc. reduced its position in shares of KeyCorp (NYSE:KEY) by 44.6% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 89,343 shares of the financial services provider’s stock after selling 71,964 shares during the quarter. Palouse Capital Management Inc.’s holdings in KeyCorp were worth $1,791,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in KEY. USS Investment Management Ltd boosted its holdings in shares of KeyCorp by 5.8% during the first quarter. USS Investment Management Ltd now owns 128,284 shares of the financial services provider’s stock worth $2,573,000 after purchasing an additional 6,976 shares during the period. IFM Investors Pty Ltd increased its holdings in KeyCorp by 13.0% during the 1st quarter. IFM Investors Pty Ltd now owns 213,357 shares of the financial services provider’s stock valued at $4,278,000 after purchasing an additional 24,488 shares during the period. iA Global Asset Management Inc. raised its position in KeyCorp by 51.2% during the 1st quarter. iA Global Asset Management Inc. now owns 188,808 shares of the financial services provider’s stock valued at $3,786,000 after purchasing an additional 63,961 shares during the last quarter. Impact Partnership Wealth LLC bought a new position in KeyCorp during the 1st quarter valued at approximately $276,000. Finally, SMART Wealth LLC purchased a new stake in KeyCorp in the 1st quarter worth approximately $476,000. Institutional investors own 79.69% of the company’s stock.

Insider Activity at KeyCorp

In other news, insider Angela G. Mago sold 22,826 shares of the business’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $21.66, for a total transaction of $494,411.16. Following the sale, the insider owned 281,564 shares in the company, valued at approximately $6,098,676.24. The trade was a 7.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.56% of the company’s stock.

KeyCorp Stock Up 1.0%

Shares of NYSE:KEY opened at $23.27 on Thursday. The firm has a market capitalization of $25.12 billion, a P/E ratio of 14.28, a P/E/G ratio of 0.72 and a beta of 1.02. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a 50 day moving average price of $21.96 and a 200-day moving average price of $21.33. KeyCorp has a 52-week low of $16.47 and a 52-week high of $23.72.

KeyCorp (NYSE:KEY) last released its quarterly earnings results on Thursday, April 16th. The financial services provider reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.03. The company had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.93 billion. KeyCorp had a return on equity of 10.80% and a net margin of 17.03%.The firm’s revenue was up 10.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.38 earnings per share. As a group, equities research analysts anticipate that KeyCorp will post 1.82 EPS for the current fiscal year.

KeyCorp declared that its Board of Directors has initiated a share repurchase plan on Wednesday, May 13th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 13% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

KeyCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Tuesday, June 2nd were given a dividend of $0.205 per share. The ex-dividend date of this dividend was Tuesday, June 2nd. This represents a $0.82 annualized dividend and a yield of 3.5%. KeyCorp’s dividend payout ratio (DPR) is currently 50.31%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on KEY shares. Evercore reiterated an “outperform” rating on shares of KeyCorp in a research report on Tuesday, April 21st. Truist Financial upped their target price on KeyCorp from $23.00 to $24.00 and gave the company a “hold” rating in a report on Wednesday, June 24th. Stephens started coverage on KeyCorp in a research note on Monday, June 15th. They issued an “overweight” rating and a $26.00 price target for the company. Susquehanna lifted their price target on shares of KeyCorp from $300.00 to $415.00 and gave the company a “positive” rating in a report on Monday, May 18th. Finally, Wall Street Zen lowered shares of KeyCorp from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Twelve research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $46.55.

KeyCorp Company Profile

KeyCorp is a bank holding company headquartered in Cleveland, Ohio, that operates through its primary banking subsidiary, KeyBank. It provides a broad range of banking and financial services to individual consumers, small businesses, middle-market companies and large corporations. KeyBank’s offerings span traditional deposit and lending products as well as more specialized financial solutions designed for commercial and institutional clients.

The company’s product and service mix includes retail banking products such as checking and savings accounts, consumer and residential mortgage lending, and auto financing.